FX.co ★ Technical analysis of USD/CAD for September 3, 2014

General overview for 03/09/2014 10:50 CET

The technical resistance level has been broken but the market failed to rally after making this move and now is quite possible that the alternate count might be in play. The most important level currently is the intraday support at the level of 1.0876 because breakout below this level would mean, that the top for the wave B green is in place and market needs to make one more wave lower to complete overall corrective cycle. The projected target levels are still the same at the level of 1.0745 - 1.0726.

Support/Resistance:

1.0995 - Swing High

1.0940 - Intraday Resistance

1.0876 - Intraday Support | Invalidation Level|

1.0809 - Wave 2 Green Low

1.0745 - 1.0726 - Projected Target Zone For Wave C Green

Trading recommendations:

Short orders should be in play only if the level of 1.0876 is violated. SL would be at the level of 1.0940 and TP at the level of 1.0745.